At his annual press conference, Russian President Vladimir Putin said that Russia’s economy will emerge from its current crisis, but that it will take time. He also blamed the West and Ukraine for the current crisis in relations with Russia. CCTV America’s Tom Barton reported this story from Moscow.

Putin confident about reviving Russian economy

Russian President Vladimir Putin said Russia’s economy will emerge from its current crisis but it will take time. He also blamed the west and Ukraine for the current crisis in relations with Russia. He spoke at his annual press conference. CCTV America’s Tom Barton reported this story from Moscow.

Putin said that it will take two years for Russia’s economy to emerge from crisis.

“Of course, the current situation is caused by external factors first of all. But we also understand that we have not done many of those things we planned to do and we said we would do to diversify our economy over the past 20 years,” he said.

Putin also said he wanted to maintain social spending on programs such as pensions but admitted there may have to be cuts in some areas of the Russian budget. He blamed what he called, “foreign economic forces,” for the crisis.

While he blamed Ukraine and the West, he also said that he wants a solution, while also saying that Russia is determined to protect its interests, and that the U.S was creating threats.

“Maybe our bear has just to sit quiet, not to chase piglets and pigs through the taiga, but to eat berries, honey and maybe then he will be left alone. No, he won’t, because they will always try to put him on a chain and once they succeed in it, they will rip out both teeth and nails,” Putin said.

He also said that there will be no coup inside Russia, as he feels the Russian people’s support for him.

Jeffrey Borneman of Rampart Portfolio Partners discusses Russian economy

CCTV America interviewed investment advisor Jeffrey Borneman of Rampart Portfolio Partners about the crisis in Russian economy.

Anton Fedyashin of American University discusses Putin’s public remarks

CCTV America also spoke with Anton Fedyashin, a history professor at American University about Russian President Vladimir Putin’s remarks on the state of the Russian economy.